The lowering of BMPS’s rating by two notches to “Baaa3″, a non-investment grade, reflects Moody’s view that “there remains a material probability that the bank will need to seek further external support,” the agency said.

Critically exposed to the eurozone debt crisis, in June BMPS was forced to accept a government bailout, borrowing roughly 1.5 billion euros ($1.87 billion) in order to pay off debt and shore up its capital.